Iran Continues to Export Large Volumes of Oil, Looks to Expand Markets

Iran's crude oil exports saw a significant rebound in the second half of December after a slower start to the month, according to vessel-tracking firm TankerTrackers.com. While Iranian oil shipments faced a decline in October and November, they picked up pace in December, with exports to China, the country’s biggest buyer, recovering after a drop in November. Despite U.S. sanctions, which have heavily impacted Iran's oil industry, the country still manages to export over 1 million barrels per day (bpd), largely to China.

Amid these developments, Iranian officials are now seeking to revitalize trade relations with India, a former major buyer of Iranian crude. Bilateral trade between the two nations has significantly dropped since India ceased importing Iranian oil in 2018 due to U.S. sanctions. Iranian Deputy Foreign Minister Majid Takht Ravanchi is in India to discuss potential solutions to resume energy trade, while India has increasingly turned to discounted Russian crude.

The growing influence of the Islamic Revolutionary Guard Corps (IRGC) in managing Iran's oil exports is also noteworthy, with the IRGC now controlling up to 50% of the country's crude exports, a significant increase from just 20% three years ago.